0001398344-21-017844.txt : 20210827 0001398344-21-017844.hdr.sgml : 20210827 20210827145231 ACCESSION NUMBER: 0001398344-21-017844 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210827 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO FUND INC CENTRAL INDEX KEY: 0000065433 IRS NUMBER: 133069854 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02409 FILM NUMBER: 211218189 BUSINESS ADDRESS: STREET 1: 1900 K STREET NW CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2026263300 MAIL ADDRESS: STREET 1: 77 ARISTOTELES STREET 3RD FLOOR CITY: POLANCO D F STATE: O5 ZIP: 11560 NPORT-P 1 primary_doc.xml NPORT-P false 0000065433 XXXXXXXX MEXICO FUND INC 811-02409 0000065433 00000000000000000000 6700 Alexander Bell Drive Suite 200 Columbia 21046 (202) 261-7941 Mexico Fund Inc N/A 2021-10-31 2021-07-31 N 271159767.59 1382479.79 269777287.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Arca Continental, S.A.B. de C.V. N/A COMMON STOCK N/A 1180000 NS 7154538.82 2.652016735116 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1700000 NS 3454334.97 1.280439505552 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 3150000 NS 20460928.65 7.584377772071 Long EC CORP MX N 1 N N N Controladora Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 18400000 NS 2963634.08 1.098548400485 Long EC CORP MX N 1 N N N Kimberly-Clark de Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 5500000 NS 8922360.64 3.307306079307 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. N/A COMMON STOCK N/A 3500000 NS 4353089.22 1.61358624942 Long EC CORP MX N 1 N N N Alfa, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 15400000 NS 11751050.71 4.355833956901 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. N/A COMMON STOCK N/A 45000000 NS 37780294.45 14.004253196439 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Pacifico, S.A.B. de C.V. N/A COMMON STOCK N/A 470000 NS 5416443.94 2.007746457891 Long EC CORP MX N 1 N N N Gmexico Transportes, S.A.B. de C.V. N/A COMMON STOCK N/A 3900000 NS 6607474.52 2.449233059566 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 4000000 NS 10922360.64 4.048658331867 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 800000 NS 8672656.35 3.214746660374 Long EC CORP MX N 1 N N N El Puerto de Liverpool, S.A.B. de C.V. N/A COMMON STOCK N/A 700000 NS 3315464.96 1.228963708189 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 5000000 NS 22954574.05 8.508712589258 Long EC CORP MX N 1 N N N Fomento Economico Mexicano, S.A.B. de C.V. N/A COMMON STOCK N/A 1950000 NS 17046734.62 6.318817554662 Long EC CORP MX N 1 N N N Banco Santander Mexico, S.A. Institucion de Banc N/A COMMON STOCK N/A 2000000 NS 2373725.93 0.879883532582 Long EC CORP MX N 1 N N N Telesites, S.A.B. de C.V. N/A COMMON STOCK N/A 5178074 NS 4331676.85 1.605649195054 Long EC CORP MX N 1 N N N Corporacion Inmobiliaria Vesta, S.A.B. de C.V. N/A COMMON STOCK N/A 2500000 NS 4920095.63 1.823761989055 Long EC CORP MX N 1 N N N GCC, S.A.B. de C.V. N/A COMMON STOCK N/A 700000 NS 5703938.59 2.114313861079 Long EC CORP MX N 1 N N N La Comer, S.A.B. de C.V. N/A COMMON STOCK N/A 3931785 NS 7836853.45 2.904934479069 Long EC CORP MX N 1 N N N Ternium, S.A. ADR N/A American Depository Receipt (ADR) N/A 200000 NS USD 9728048.32 3.605955267521 Long EC CORP LU N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 17500000 NS 14304769.1 5.302436397316 Long EC CORP MX N 1 N N N Promotora y Operadora de Infraestructura,SAB de N/A COMMON STOCK N/A 425000 NS 3211752.86 1.190520108713 Long EC CORP MX N 1 N N N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 6500000 NS 2211652.2 0.819806670174 Long EC CORP MX N 1 N N N Industrias Penoles, S.A.B. de C.V. N/A COMMON STOCK N/A 250000 NS 3532150.5 1.309283864777 Long EC CORP MX N 1 N N N Wal-Mart de Mexico, S.A.B. de C.V. N/A COMMON STOCK N/A 6200000 NS 20477865.86 7.590655991464 Long EC CORP MX N 1 N N N Grupo Aeroportuario delCentro Norte,S.A.B. de C. N/A COMMON STOCK N/A 750000 NS 4599849 1.705054208792 Long EC CORP MX N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 9452973.7 PA 9452973.7 3.5039916703 Long STIV CORP MX N 2 Repurchase Y 4.05 2021-08-02 9452973.7 MXN 9541520.86 MXN N N N Comerica Bank N/A Time Deposit N/A 4909836 NS USD 4909836 1.8199589878 Long STIV CORP US N 2 N N N 2021-08-27 MEXICO FUND INC /s/ Tofi Dayan Tofi Dayan Treasurer XXXX NPORT-EX 2 fp0067706_nportex.htm

SCHEDULE OF INVESTMENTS

as of July 31, 2021 (Unaudited)

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
     COMMON STOCK - 94.53%        Net Assets 
     Airports          
 470,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B  $5,416,444    2.01%
 750,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B (a)   4,599,849    1.71 
         10,016,293    3.71 
     Auto Parts          
 18,400,000   Controladora Nemak, S.A.B. de C.V. Series A (a)   2,963,634    1.10 
 6,500,000   Nemak, S.A.B. de C.V. Series A (a)   2,211,652    0.82 
         5,175,286    1.92 
     Beverages          
 1,180,000   Arca Continental, S.A.B. de C.V.   7,154,539    2.65 
 1,950,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   17,046,735    6.32 
         24,201,274    8.97 
     Building Materials          
 17,500,000   Cemex, S.A.B. de C.V. Series CPO (a)   14,304,769    5.30 
 700,000   Grupo Cementos de Chihuahua, S.A.B. de C.V.   5,703,939    2.12 
         20,008,708    7.42 
     Chemical Products          
 3,500,000   Alpek, S.A.B. de C.V. Series A   4,353,089    1.61 
 4,000,000   Orbia Advance Corporation, S.A.B. de C.V.   10,922,361    4.05 
         15,275,450    5.66 
     Construction and Infrastructure          
 425,000   Promotora y Operadora de Infraestructura, S.A.B. de C.V.   3,211,753    1.19 
                
     Consumer Products          
 5,500,000   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   8,922,361    3.31 
                
     Financial Groups          
 2,000,000  

Banco Santander México, S.A. Institución de Banca Múltiple,

Grupo Financiero Santander. Series B

   2,373,726    0.88 
 3,150,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O   20,460,929    7.58 
         22,834,655    8.46 
     Food          
 800,000   Gruma, S.A.B. de C.V. Series B   8,672,656    3.21 
                
     Holding Companies          
 15,400,000   Alfa, S.A.B. de C.V. (b) Series A   11,751,051    4.36 
                
     Mining          
 5,000,000   Grupo México, S.A.B. de C.V. (b) Series B   22,954,574    8.51 
 250,000   Industrias Peñoles, S.A.B. de C.V.(a)   3,532,150    1.31 
         26,486,724    9.82 
     Railroad          
 3,900,000   Gméxico Transportes, S.A.B. de C.V.   6,607,475    2.45 

 

 

 

SCHEDULE OF INVESTMENTS

as of July 31, 2021 (Unaudited) concluded

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
     Real Estate          
 2,500,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   4,920,096    1.82 
                
     Restaurants          
 1,700,000   Alsea, S.A.B. de C.V.(a)   3,454,335    1.28 
                
     Retail          
 700,000   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   3,315,465    1.23 
 3,931,785   La Comer, S.A.B. de C.V. Series UBC   7,836,853    2.90 
 6,200,000   Wal-Mart de México, S.A.B. de C.V.   20,477,866    7.59 
         31,630,184    11.72 
     Steel          
 200,000   Ternium, S.A. ADR   9,728,048    3.61 
                
     Telecommunications Services          
 45,000,000   América Móvil, S.A.B. de C.V. Series L   37,780,294    14.00 
 5,178,074   Telesites, S.A.B. de C.V. Series B-1 (a)   4,331,677    1.61 
         42,111,971    15.61 
                
     Total Common Stock (Identified cost - $275,518,771)  $255,008,320    94.53%

 

Principal

Amount

     

Value

(Note 1)

  

Percent of

Net Assets

 
     SHORT-TERM SECURITIES – 5.32%          
     Repurchase Agreements          
$9,452,974   BBVA Bancomer, S.A., 4.05%, dated 7/30/21, due 8/2/21 repurchase price $9,455,101 collateralized by Bondes (Bonds issued by the Mexican Government), interest rate 4.28% (c), due 10/7/2021. Value of collateral $9,541,521.  $9,452,974    3.50%
    

 

Time Deposits

          
$4,909,836   Comerica Bank, 0.03%, dated 7/30/21, due 8/2/21   4,909,836    1.82 
     Total Short-Term Securities (Identified cost - $14,362,810)  $14,362,810    5.32%
     Total Investments (Identified cost - $289,881,581)   269,371,130    99.85 
     Other Assets in Excess of Liabilities   406,158    0.15 
     Net Assets Equivalent to $17.98 per share on 15,005,224 shares of capital stock outstanding.  $269,777,288    100.00%

 

 

(a)Shares of these securities are currently non-income producing. Equity investments that have not paid distributions within the last twelve months are considered to be non-income producing.
(b)A member of the Board also serves as a member of the company’s board of directors.
(c)Floating rate security. Rate shown is the rate in effect as of July 31, 2021.
 ADR – American Depositary Receipt

 

 

 

Supplemental Information

GAAP establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:

 

•Level 1 — quoted prices in active markets for identical securities
   
•Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
•Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
    

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

 

The following is a summary of the inputs used as of June 30, 2021, in valuing the Fund’s investments in securities:

 

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                    
Investments in Securities:                    
Equity Investments(a)  $255,008,320    -    -   $255,008,320 
Short Term Investments(b)   -   $14,362,810    -   $14,362,810 
Total Investments in Securities  $255,008,320   $14,362,810    -   $269,371,130 

 

(a)For detailed industry descriptions, see the accompanying Schedule of Investments

(b)These assets consist of time deposits and repurchase agreements with maturities of one business day. They are classified as Level 2 solely as a result of the Fund’s valuation technique for short-term investments, using amortized cost which approximates fair value, instead of quoted prices in active markets, and thereby may not present any higher risk than Level 1 assets.

 

The following is a reconciliation of the change in value of Level 3 assets (for which significant unobservable inputs were used to determine fair value):

 

   

Investments in

Securities

Balance as of 10/31/20  $- 
Realized gain (loss)   - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 7/31/21   -